Many of the largest banks in the nation are trying to find ways to create new revenue to replace the profits lost to new government regulations. In many cases, the banks are increasing their profits by increasing the amount that they are charging checking account holders for their accounts. There are several methods that can be used to keep the costs down on your checking account and using these methods can save you hundreds of dollars on bank fees each year. In order to keep your checking account as inexpensive as possible, you should follow these simple tips that will help you avoid triggering the additional fees.
Use In-Network ATMs
Most banks charge you a penalty fee for using another company’s ATM to access the money in your checking account. In many cases, the account holder must pay two fees, one to the bank holding the account and one to the bank that owns the ATM. These fees can vary between banking institutions, but the fees generally range between $3 and $6 per transaction.
There are several different ways to avoid having to pay these fees. One way is to open your account with a company that has ATMs conveniently located near your home or workplace so that there is little reason for you to have to go to another bank’s ATM. Another method is to open an account with a bank that allows you to use other bank’s ATMs for free, as many smaller banks belong to a network that provides better ATM access by allowing any of the account holders to use any of the network’s ATMs for free.
Perform Actions That Waive Account Fees
Some banks have added additional account fees and servicing fees to their checking account offerings. These fees are typically charged to the account monthly with the amount of the fee immediately deducted from the balance of the checking account. Although many of these fees are less than $10, over time they add up to a significant amount of money removed from your checking account into the coffers of the bank.
Because there is such outrage over these additional fees, many banks have created loopholes that allow you to have the account fees waived if you perform certain actions with your account. These actions generally include having a balance above the minimum amount at all times, using online banking, have a certain number of debit card transactions, or having money direct deposited to the account. By performing these actions, you can get your account fees waived so that you can pay less or nothing at all for your checking account.